Investment Objective/Strategy -The First Trust Technology AlphaDEX® Fund is an exchange-traded fund. The investment objective of the Fund is to seek investment results that correspond generally to the price and yield, before fees and expenses, of an equity index called the StrataQuant® Technology Index.

There can be no assurance that the Fund's investment objectives will be achieved.

The StrataQuant® Technology Index is an "enhanced" index developed, maintained and sponsored by ICE Data Indices, LLC or its affiliates ("IDI") which employs the AlphaDEX® stock selection methodology to select stocks from the Russell 1000® Index.

IDI constructs the StrataQuant® Technology Index by ranking the stocks which are members of the Russell 1000® Index on growth factors including three, six and 12-month price appreciation, sales to price and one year sales growth, and, separately, on value factors including book value to price, cash flow to price and return on assets.

Stocks which Russell has classified solely as growth or value, receive their score using the above growth or value factors respectively.

Stocks which Russell allocates between both growth and value receive their best score between the growth and value factors.

IDI then ranks those stocks contained in the technology sector according to their score. The bottom 25% is eliminated and the top 75% is selected for the StrataQuant® Technology Index.

The selected stocks are divided into quintiles based on their rankings and the top ranked quintiles receive a higher weight within the index. The stocks are equally-weighted within each quintile.

The index is reconstituted and rebalanced quarterly.

Fund Overview

Ticker

FXL

Fund Type

Technology

Investment Advisor

First Trust Advisors L.P.

Investor Servicing Agent

Bank of New York Mellon

CUSIP

33734X176

ISIN

US33734X1761

Intraday NAV

FXLIV

Fiscal Year-End

07/31

Exchange

NYSE Arca

Inception

5/8/2007

Inception Price

$20.00

Inception NAV

$20.00

Rebalance Frequency

Quarterly

Gross Expense Ratio*

0.63%

Net Expense Ratio*

0.63%

* As of 12/1/2017

Expenses are capped contractually at 0.70% per year, at least until November 30, 2018.

Current Fund Data (as of 3/16/2018)

Closing NAV1

$58.74

Closing Share Price2

$58.73

Bid/Ask Midpoint

$58.74

Bid/Ask Discount

0.00%

Total Net Assets

$1,976,956,527

Outstanding Shares

33,655,000

Daily Volume

81,274

Average 30-Day Daily Volume

182,898

Closing Share Price 52-Week High/Low

$59.41 / $40.89

Closing NAV 52-Week High/Low

$59.39 / $40.86

Number of Holdings

79

Fund Characteristics (as of 2/28/2018)8

Maximum Market Cap.

$903,783

Median Market Cap.

$14,024

Minimum Market Cap.

$4,747

Price/Earnings

28.35

Price/Book

4.14

Price/Cash Flow

20.70

Price/Sales

2.17

Top Holdings (as of 3/16/2018)

Holding

Percent

Match Group, Inc. (Class A)

2.88%

Micron Technology, Inc.

2.86%

DST Systems, Inc.

2.61%

Western Digital Corporation

2.60%

Splunk Inc.

2.50%

Arista Networks, Inc.

2.42%

ON Semiconductor Corporation

2.40%

Teradyne, Inc.

2.28%

IPG Photonics Corporation

2.24%

Intel Corporation

2.15%

Holdings are subject to change.

NAV History (Since Inception)

Past performance is not indicative of future results.

Distribution Information

Dividend per Share Amt (as of 3/19/2018)3

$0.0231

30-Day SEC Yield (as of 2/28/2018)4

0.25%

Unsubsidized 30-Day SEC Yield (as of 2/28/2018)5

0.25%

12-Month Distribution Rate (as of 2/28/2018)6

0.25%

Index Yield (as of 2/28/2018)7

0.77%

Bid/Ask Midpoint vs. NAV (as of 12/31/2017)

Number of Days Bid/Ask Midpoint Above NAV

Quarter Ended

0-49Basis Points

50-99Basis Points

100-199Basis Points

>=200Basis Points

12/31/2017

53

0

0

0

9/30/2017

47

0

0

0

6/30/2017

37

0

0

0

3/31/2017

36

0

0

0

Number of Days Bid/Ask Midpoint Below NAV

Quarter Ended

0-49Basis Points

50-99Basis Points

100-199Basis Points

>=200Basis Points

12/31/2017

10

0

0

0

9/30/2017

16

0

0

0

6/30/2017

26

0

0

0

3/31/2017

26

0

0

0

The price used to calculate market return is determined by using the midpoint between the highest bid and the lowest offer on the stock exchange, on which shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated.

Top Industry Exposure (as of 3/16/2018)

Software

25.99%

Semiconductors & Semiconductor Equipment

24.68%

Electronic Equipment, Instruments & Components

15.21%

Internet Software & Services

9.93%

Technology Hardware, Storage & Peripherals

7.82%

IT Services

7.57%

Communications Equipment

7.12%

Aerospace & Defense

1.29%

Professional Services

0.39%

Month End Performance (as of 2/28/2018)

3 Mos

YTD

1 Year

3 Year

5 Year

10 Year

SinceFundInception9

Fund Performance *

Net Asset Value (NAV)

7.43%

8.58%

35.99%

16.01%

19.93%

12.52%

10.27%

After Tax Held

7.41%

8.58%

35.81%

15.70%

19.63%

12.36%

10.13%

After Tax Sold

4.40%

5.08%

21.28%

12.42%

16.12%

10.40%

8.47%

Market Price

7.45%

8.55%

36.02%

16.00%

19.93%

12.52%

10.27%

Index Performance **

StrataQuant® Technology Index

7.59%

8.68%

36.91%

16.63%

20.66%

13.36%

11.10%

Russell 1000® Technology Index

7.53%

7.69%

35.30%

19.28%

21.81%

N/A

N/A

Russell 1000® Index

2.75%

1.62%

16.70%

10.77%

14.56%

9.78%

7.94%

S&P 500 Information Technology Index

7.74%

7.73%

36.26%

20.14%

22.22%

14.72%

12.58%

Quarter End Performance (as of 12/29/2017)

3 Mos

YTD

1 Year

3 Year

5 Year

10 Year

SinceFundInception9

Fund Performance *

Net Asset Value (NAV)

7.01%

35.80%

35.80%

14.87%

19.43%

9.87%

9.59%

After Tax Held

6.99%

35.62%

35.62%

14.56%

19.13%

9.72%

9.44%

After Tax Sold

3.97%

20.25%

20.25%

11.50%

15.69%

8.06%

7.86%

Market Price

7.05%

35.71%

35.71%

14.87%

19.44%

9.84%

9.59%

Index Performance **

StrataQuant® Technology Index

7.18%

36.71%

36.71%

15.48%

20.17%

10.71%

10.41%

Russell 1000® Technology Index

9.00%

38.40%

38.40%

18.09%

20.38%

N/A

N/A

Russell 1000® Index

6.59%

21.69%

21.69%

11.23%

15.71%

8.59%

7.90%

S&P 500 Information Technology Index

9.01%

38.83%

38.83%

18.74%

20.90%

11.90%

11.99%

3-Year Statistics (as of 2/28/2018)

Standard Deviation

Alpha

Beta

Sharpe Ratio

Correlation

FXL

14.15%

-1.46

0.89

1.10

0.90

S&P 500 Information Technology Index

14.30%

---

1.00

1.33

1.00

Standard Deviation is a measure of price variability (risk). Alpha is an indication of how much an investment outperforms or underperforms
on a risk-adjusted basis relative to its benchmark.Beta is a measure of price variability relative to the market. Sharpe Ratio is a measure
of excess reward per unit of volatility. Correlation is a measure of the similarity of performance.

*Performance data quoted represents past performance. Past performance is not a guarantee of future
results and current performance may be higher or lower than performance quoted. Investment returns
and principal value will fluctuate and shares when sold or redeemed, may be worth more or less than
their original cost.

After Tax Held returns represent return after taxes on distributions. Assumes shares have not been sold.
After Tax Sold returns represent the return after taxes on distributions and the sale of fund shares. Returns
do not represent the returns you would receive if you traded shares at other times. Market Price returns are
based on the midpoint of the bid/ask spread on the stock exchange on which shares of the fund are listed for
trading as of the time that the fund’s NAV is calculated. Returns are average annualized total returns, except
those for periods of less than one year, which are cumulative. The fund's performance reflects fee waivers
and expense reimbursements, absent which performance would have been lower.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and
do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax
situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold
their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

**Performance information for the StrataQuant® Technology Index is for illustrative purposes only and does not represent actual fund performance.

Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the performance shown. Indexes are unmanaged and an investor cannot invest directly in an index.

The gross expense ratio for this fund is 0.63%. Expenses are capped contractually at 0.70% per year, at least until November 30, 2018.

Russell 1000® Technology Index - The Index is an unmanaged index which includes the stocks in the technology sector of the Russell 1000® Index.

Russell 1000® Index - The Index is an unmanaged index used to measure the large-cap U.S. equity universe.

S&P 500 Information Technology Index - The Index is an unmanaged index which includes the stocks in the information technology sector of the S&P 500 Index.

Fund shares are purchased and sold on an exchange at their share price rather than net asset value (NAV), which may cause the shares to trade at a price greater than NAV (premium) or less than NAV (discount).

3

Most recent distribution paid or declared to today's date. Subject to change in the future. There is no guarantee that the fund will declare dividends.

4

The 30-day SEC yield is calculated by dividing the net investment income per share earned during the most recent 30-day period by the maximum offering price per share on the last day of the period and includes the effects of fee waivers and expense reimbursements, if applicable.

5

The unsubsidized 30-day SEC yield is calculated the same as the 30-day SEC yield, however it excludes contractual fee waivers and expense reimbursements.

6

12-Month Distribution Rate is calculated by dividing the sum of the fund's trailing 12-month ordinary distributions paid or declared by the NAV price. Distribution rates may vary.

7

Index yield represents the weighted average trailing 12-month dividend of the constituents of the StrataQuant® Technology Index.

8

All market capitalization numbers are in USD$ Millions.

9

Inception Date is 5/8/2007

You should consider the fund's investment objectives, risks, and charges and expenses carefully before investing. You can download a prospectus or summary prospectus, or contact First Trust Portfolios L.P. at 1-800-621-1675 to request a prospectus or summary prospectus which contains this and other information about the fund. The prospectus or summary prospectus should be read carefully before investing.

ETF Characteristics

The fund lists and principally trades its shares on the NYSE Arca, Inc.

The fund's return may not match the return of the StrataQuant® Technology Index. Securities held by the fund will generally not be bought or sold in response to market fluctuations.

Investors buying or selling fund shares on the secondary market may incur customary brokerage commissions.
Market prices may differ to some degree from the net asset value of the shares. Investors who sell fund shares may receive less than the share's net
asset value. Shares may be sold throughout the day on the exchange through any brokerage account. However, unlike mutual funds, shares may only be
redeemed directly from the fund by authorized participants, in very large creation/redemption units. If the fund's authorized participants are unable
to proceed with creation/redemption orders and no other authorized participant is able to step forward to create or redeem, fund shares may trade at
a discount to the fund's net asset value and possibly face delisting.

Risk Considerations

The fund's shares will change in value, and you could lose money by investing in the fund. One of the principal risks of investing in the fund is market risk. Market risk is the risk that a particular stock owned by the fund, fund shares or stocks in general may fall in value. There can be no assurance that the fund's investment objective will be achieved.

The fund may invest in small capitalization and mid capitalization companies. Such companies may experience greater price volatility than larger, more established companies.

The fund is classified as "non-diversified" and may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly concentrated in certain issuers.

First Trust Advisors L.P. is the adviser to the fund. First Trust Advisors L.P. is an affiliate of First Trust Portfolios L.P., the fund's distributor.

The StrataQuant® Technology Index is a trademark of ICE Data Indices, LLC or its affiliates ("IDI") and has been licensed for use by First Trust Portfolios L.P. The fund is not sponsored, endorsed, sold or promoted by IDI and IDI makes no representation or warranty regarding the advisability of investing in the fund or as to the result to be obtained by any person from use of the index in connection with the trading of the fund.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights
related to the Russell Indexes. Russell® is a trademark of Frank Russell Company.
Frank Russell Company does not promote, sponsor or endorse the content of this communication.

"AlphaDEX®" is a registered trademark of First Trust Portfolios L.P. First Trust Portfolios L.P. has obtained a patent for the AlphaDEX® stock selection methodology from the United States Patent and Trademark Office.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value

The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA and the Internal Revenue Code. First Trust has no knowledge of and has not been provided any information regarding any investor. Financial advisors must determine whether particular investments are appropriate for their clients. First Trust believes the financial advisor is a fiduciary, is capable of evaluating investment risks independently and is responsible for exercising independent judgment with respect to its retirement plan clients.

First Trust Portfolios L.P. Member SIPC and FINRA.
First Trust Advisors L.P.